Lawyer and good governance advocate Liborous Oshoma has called for a fundamental overhaul of the Nigerian National Petroleum Company (NNPC), saying the Federal Government must stop treating the national oil company as a source of easy funds if it hopes to restore public confidence in the institution.
Speaking during an interview on ARISE News on Saturday, Oshoma argued that reforms should go beyond changing the company’s legal status.
“It is what the government, first and foremost, would need to sit down and say, look, this organization should no longer be an ATM for us,” he said.
He argued that the government should rethink how it generates revenue instead of depending heavily on the state-owned oil company.
“Government need to sit down and say, look, really, we need to look at the entire structure, not just this reform in name. We need to undo this behemoth so that it can actually be functional.”
According to him, restructuring the company would allow resources to be directed towards productive sectors of the economy rather than leaving the corporation open to political interference.
“And then funds from can be reinvested in specific sectors, instead of just creating an organization where anybody, close, including politicians, you know, you want money, you go there, you collect,” he said.
Oshoma maintained that changing the company’s name and corporate structure alone would not solve its longstanding governance challenges.
“But unfortunately, it seems as if what we just have is problem-changing name. The problem has changed its name, but the inherent sleeves, the inherent problem remains. Because the government of the day still sees this corporation as an ATM where they can go and withdraw.”
He also said greater transparency was needed to rebuild public trust, insisting that documents requested during the ongoing scrutiny of the company should be made available.
“The only way they can erase this impression from the mind of the everyday people is to come clean. The document you request, they are not rocket science, they are somewhere in somebody’s office, is to present this document, and then let Nigerians see the reports.”
Oshoma said Nigeria’s oil wealth should translate into better living standards, adding, “With this kind of money, Nigeria does not have any business with poverty.”
Faridah Abdulkadiri
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